Question
Can you please help walk me through the calculations for the following questions related to the attached graph (jpeg)? Thanks! 5.The below table shows income
Can you please help walk me through the calculations for the following questions related to the attached graph (jpeg)? Thanks!
5.The below table shows income growth and spending growth in 8 different product categories in 5 countries over the 2000-14.If nothing except income (i.e., not prices, consumer tastes, wealth, etc.) had changed for the population in each of the below countries over this period, what do these figures imply is the population's income elasticity of demand for the following items?
__1.29__ Telecom equipment by the Chinese population
__0.69__ Telecom equipment by the Japanese population
__3.23__ Pharma and med goods by the Japanese population
__0.23__ Pharma and med goods by the Indian population
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